Albany, NY -- (SBWIRE) -- 09/18/2017 -- According to Transparency Market Research, the global dental consumables market is expected to be worth US$33.4 bn by the end of 2024 as compared to US$19.6 bn in 2015. During the forecast years of 2016 and 2024, the global market is expected to surge at a CAGR of 6.1%.
Improvements in Dental Implants Assure Uptake
The emergence of services such as dental tourism in developing countries of India, Turkey, and Hungary have triggered a massive demand for dental consumables over the past few years. The low cost of oral health care services provided in these emerging economies has lured in several consumers over the past few years for treatment. The low labor cost, effective treatment methods, and minimum government intervention pertaining to healthcare industries in developing countries are expected to boost dental tourism, which in turn is expected to have a positive reflection on the demand for dental consumables.
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The improving success rates of dental implants, especially for the upper jaw is also likely to play a crucial role in the development of the global market. This has led to increased uptake of several procedures that use dental implants. The market is also thriving due to the growing incidence of dental diseases such as tooth decay, gum diseases, tooth erosion, and mouth sores. Furthermore, high prevalence of periodontal diseases have also fueled the growth of the global dental consumables market. The rising disposable incomes in emerging economies and changing lifestyles, which have inclined patients toward improved oral health care, are expected to drive the demand for dental consumables.
Europe to Acquire a Share of 41.1% by 2024
The various products available in the global market are crowns and bridges, dental implants, orthodontics, retail dental care essentials, periodontics, endodontics, and dental biomaterials among others. Amongst all of these products, the crowns and bridges segment is expected to show remarkable progress in the coming years. This segment alone is expected to rise at a CAGR of 7.2% between 2016 and 2024.
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Geographically, this market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. Europe is anticipated to lead the global market in the coming years due to improving oral health care facilities across countries such as Norway, Greece, Spain, and the U.K. By the end of 2024, Europe is projected to acquire a share of 41.1% in the global dental consumables market by 2024.
High Cost of Treatment and Poor Reimbursement Policies Restrain Market Growth
The increasing expenditure on the research and development of dental consumables has spiked the prices of products. Thus, the high cost of products has also made the treatment costlier, which is likely to have a negative impact on the sales. The poor reimbursement policies of in developed countries of France, the U.S., Germany, Spain, Italy, Australia, and Japan is also hampering the growth of the overall market as it is coaxing patients to migrate to cheaper places to seek treatment.
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The leading players operating in the global dental consumables market held a share of 62% in the overall market. Danaher Corporation, Dentsply Sirona, Zimmer Biomet Holdings, Inc., and Henry Schein Inc. have been leading the market due to their low pricing strategy and excellent brand recognition, states Transparency Market Research. These players are expected to focus on mergers and acquisitions to improve their presence in the global market.
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